While looking for your first home and the features you need, you should also consider your protection. Homeowners insurance is an essential way to safeguard your personal property and family, but choosing the right plan depends on what is and isn’t covered. Here’s what you should ask your insurance agent before committing to home insurance coverage.

Frequently Asked Questions About Homeowners Insurance

What does homeowners insurance protect?

Aside from giving you peace of mind, homeowners insurance offers financial protection against property and liability risks. The usual coverage includes structural protection from fires, vehicular accidents, and weather-related damage caused by thunderstorms, snow, wind, or hail. It also covers your personal property from vandalism or theft. In addition, insurance provides personal liability protection from possible lawsuits if visitors injure themselves outside or inside your home.

What doesn’t homeowners insurance cover?

There are many situations that homeowners insurance won’t cover. For example, it won’t protect your home from damage or power failure caused by natural disasters like earthquakes, tornados, hurricanes, or landslides. Pet damage, locally forced repairs, and neglect is also excluded from coverage.

Separate flood insurance is also recommended if you’re worried about water damage from flooding, leaks, or sewage backup. Most mold, wet rot, and mildew are also not covered, although a few exceptions are made for damage caused by accidental discharge or plumbing problems.

How much does homeowners insurance cost?

Home insurance costs depend on how much protection you need. However, a study conducted by the National Association of Insurance Commissioners found that the average protection plan cost homeowners $1,211 per year. This equals out to a little over $100 per month.

Is homeowners insurance required by law?

Most states don’t mandate homeowners insurance. However, it is required if you’re financing your home with a mortgage. Since your mortgage company acts as a partial owner, they want to ensure they don’t lose their investment if anything happens to your residence.

Protecting the Scottsboro, AL, community for over three decades, Goggans Insurance has a wide variety of auto, life, and home insurance coverage options. This agency also works with local and national providers to secure the policy that’s right for your needs. To consult with an insurance agent, call (256) 574-3440 or visit their website.